Technical Outlook & Trading Strategy:-
The price of Jindal Steel has made a double top formation and fell sharply from a high of Rs 569.2 levels during last few sessions.
The double top formation is also backed by a heavy volume in the stock. The momentum indicator is also in bearish zone.
Thus, all of the above technical evidence is suggesting more downside. We recommend traders to sell 50% below 508 and again in the range of Rs 512-- – Rs 515 levels with a stop loss placed above Rs 523.6 levels for targets of Rs 490 – Rs 475 levels, expected to be achieved in coming few Sessions.
No comments:
Post a Comment